8 Best Fuel Stocks To Buy Now

2. Occidental Petroleum Corporation (NYSE:OXY) 

Number of Hedge Fund Holders: 71

Occidental Petroleum Corporation (NYSE:OXY) is a global energy company engaged in crude oil exploration, production, and marketing. The company maintains a significant presence in the U.S., the Middle East, and Latin America, serving as a key supplier of crude oil to refineries and industrial sectors.

Occidental Petroleum Corporation (NYSE:OXY) is focusing on utilizing its existing infrastructure in the Delaware basin acreage to develop secondary benches inside the existing wells by leveraging technology. By doing so, the company aims to replace reserves at a low cost. Additionally, the company is reducing costs through infill development and has been able to add considerable reserves through extensions and discoveries. As a result, Occidental Petroleum Corporation (NYSE:OXY) is replacing reserves while investing less than its current depreciation and depletion costs.

Occidental Petroleum Corporation (NYSE:OXY) plans to maintain a five-rig program within its CrownRock assets through 2025, targeting mid-single-digit production growth. The company is also focused on retaining flexibility in capital expenditures across its broader U.S. onshore portfolio to respond to shifts in commodity prices. With the integration of CrownRock assets and strong performance from new wells in the Permian Basin, Occidental Petroleum Corporation (NYSE:OXY) anticipates achieving a production level of 1.45 million barrels of oil equivalent per day in Q4.